Reddit Discloses Crypto Holdings In IPO Filing

Yolowire 23-Feb-2024 10:12 AM

Social media firm %Reddit has disclosed holdings of both %Bitcoin ($BTC) and %Ethereum ($ETH) as part of its filing to hold an initial public offering (IPO) this March.

According to the prospectus that the company filed with the U.S. Securities and Exchange Commission (SEC), Reddit has invested a portion of its excess cash in Bitcoin, Ethereum, and %Polygon (MATIC).

The exact number of cryptocurrencies and their value was not disclosed by Reddit. However, the company said that it plans to continue its strategy of investing in crypto in the future.

We hold cryptocurrencies and experiment with blockchain technology, which may subject us to exchange risk and additional tax, legal, and regulatory requirements, the company stated.

Reddit plans to list shares on the New York Stock Exchange this March under the ticker symbol RDDT. An exact date for the IPO has not yet been set.

Reddits IPO will be the first by a social media company since %Pinterest (NYSE:PINS) went public in 2019.

The company was founded in 2005 and is currently valued at about $10 billion U.S., according to deal-tracking service %PitchBook.

The social networking companys core business depends on online advertising to generate revenue. Reddit reported a net loss of $90.8 million U.S. last year.

COMTEX_448233894/2797/2024-02-23T09:41:38